After closing the previous trading day at $93.17, Brent crude oil went up to $95.81 only to drop back; still positive overall today, now trading at $94.24 per barrel.
- Today's gains are adding to Brent crude oil's a 5 day bullish trend, during which it gained a total of $5.17.
ICE Brent crude is now trading 23.04% below its 3-month high of $129.12.
Brent Crude Oil made an initial breakout above its 21 day Simple Moving Average at $95.42, a potential indicator of a newly emerging bullish phase. Despite this, although Brent crude oil is appreciating today after rising as high as $95.81, price action is now slowing and consolidating around $1.41 below the $95.65 resistance level.
Overall, looking at the technical analysis landscape, it seems Brent crude might continue pointing upwards in the short term.
This rally in Brent crude's price coincides with other Energy as Natural Gas gained 9.48% and is currently trading at $9.07. Having closed the previous session at $87.96, Crude Oil is up 1.1% today to currently trade at around $88.93.
Meanwhile, Heating Oil is trading around $3.38 (down 16.25 cents).
Muted session threatens to disturb West Texas crude's ongoing uptrend
West Texas crude is now trading at $88.18 per barrel after tracing out a steady $88.09 – $88.6 range today.
- While flat so far today, WTI crude oil is on a 3 day bullish trend, gaining a total of $8.79 throughout.
Crude Oil made an initial breakout above its 50 day Simple Moving Average at $88.29, a potential indicator of a newly emerging bullish phase. Despite this, WTI crude oil's upper Bollinger band is at $90.75, suggesting that a downward move may follow.
Overall, looking at the technical analysis landscape, it seems WTI crude might be pointing upward in the short term.
Meanwhile, mixed performances are seen in other Energy as Brent Crude Oil moves 0.31% to trade around $93.66.
Approximately 6 months ago, West Texas crude reached a significant high of $124.77 but has struggled to hold onto its gains and declined 29.25% since then.
NY Heating Oil remains on-trend despite dull session
A mostly flat day so far for NYMEX Heating Oil, ranging between $3.68 and $3.71; currently at $3.69 per gallon.
- While flat so far today, NYMEX Heating Oil is on a 7 day bullish trend, gaining a total of 55.78 cents throughout.
Trend-focused traders would be interested to note that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. After descending below strong Fibonacci support at $3.7, market bears have earmarked $3.6 as the next downside target. Asset volatility analysis shows that NY Heating Oil's upper Bollinger band is at $3.7, suggesting that a downward move may follow. As the day gets underway, chart analysis suggests NY Heating Oil's nearest support level is at $3.41.
Overall, while NY Heating Oil has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Meanwhile, mixed performances are seen in other Energy as Brent Crude Oil moves 0.42% to trade around $93.76. Natural Gas moves 0.45% to trade around $6.96.
Approximately 5 months ago, NYMEX Heating Oil reached a significant high of $4.94 but has struggled to hold onto its gains and declined 25.43% since then.
NYMEX Gas dull so far today at $6.44, while in the midst of a bearish run
A mostly flat day so far for Natural Gas, ranging between $6.31 and $6.54; currently at $6.44 per MMBtu.
- While flat so far today, NYMEX Natural Gas is on a 14 day bearish trend during which it lost $2.64 of its value.
Technical analysis trend indicators suggest that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Momentum evaluation shows that the Relative Strength Index indicates NYMEX Natural Gas is in an oversold condition, which could precipitate a reversal and set up a new bullish phase. Analysis based on the asset volatility indicates that US Natural Gas's upper Bollinger band is at $8.91 and the lower is $6.07. Analysis of US Natural Gas's recent price action suggests US Natural Gas is approaching key support, around 20 cents away from $6.24. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
The current technical outlook indicates US Natural Gas will continue to ebb sideways within tight ranges for the immediate future.
Meanwhile, mixed performances are seen in other Energy as Heating Oil is up 2.69%. Crude Oil is up 1.77%. Brent Crude Oil ascends 1.51% to trade around $90.2.
A month ago US Natural Gas reached a significant high of $9.68 but has consequently lost 33.16% since then.